FSC raises alarm on cyber-financial crimes

Ear to the ground: BoB governor, Cornelius Dekop PIC PHATSIMO KAPENG.
Ear to the ground: BoB governor, Cornelius Dekop PIC PHATSIMO KAPENG.

The Financial Stability Council (FSC) has flagged weak cybersecurity in the financial sector as a long-term risk, as the industry increasingly digitises with transactions in the mobile money market alone trending above P26 billion a year.

In its latest update, the Financial Stability Council (FSC), made up of the Bank of Botswana, the Non-Bank Financial Institutions Regulatory Authority, the Financial Intelligence Agency and the Finance ministry, said there is a growing threat to online banking systems, revealing that more financial institutions were getting exposed to the risks of being hacked or interfered with by outsiders.

“With the increasing digitisation of financial services, including online banking, mobile payments and digital currencies, cybercrimes pose a significant threat to the financial sector and the economy,” the council said.

Editor's Comment
Stop the children killing madness!

The incident comes on the heels of a similar one where a father murdered his two toddlers in Francistown. As we grapple with the shock and sorrow of this loss, it is essential to address the underlying issues that led to such a horrific outcome.Our hearts go out to the innocent victims, the three boys aged 13, 10, and eight who lost their lives in circumstances that defy comprehension. Their deep cuts and untimely demise have left a scar on the...

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